Help....all Cards Closed....scary Numbers

[epsix]

Hi

I am a graduate student who had a few(7) credit cards.For the past 8 months;my assistantship got robbed and I had to pay my tuition.That sealed any ways of payment to the credit cards; and I used to receive mails from the services which I did not reply.

Now I am graduate and want to start negotiation with the cards through monthly payments.But whichever card I call; I hear it is no longer with a bank but with an agency with a 1 800 number to call.

What am I up to?The people said once u pay them the money back;your debt is settled but card is closed****************************this means am I charged with interests even now???

Is there any way I can recover??What are the things I need to do with this???

I desperately need some advise

[Ladynred]

If the cards are no longer with the original creditors and if it's been more than 6 months since you paid on these cards, they've all been charged off (written off as a bad debt) and they are obviously with collection agencies. It's unlikely that you'll get very far trying to negotiate monthly payments with collection agencies, they will demand full payment up front or they'll want payments large enough to pay off the account in less than 1 year, but nor likely 3-6 months.

The cards are already closed, and were likely closed a long time ago, certainly they were closed at charge-off. Might as well toss them in the shredder because you're not going to be using any of them any more.

Interest DOES continue to accrue and at the default rate. This is how credit cards work and it's all there in your credit card agreement. Until you pay off the accounts, the interest will continue to increase.

Is there any way you can recover ? Sure, pay the collections in full and move on. Your credit will suffer for the next 7-1/2 years as that is how long negative information remains on your credit reports and it will have negative impact for the duration, lessening to some degree over time. It will not be easy to get any new credit with these bad marks on your reports and paying off the collections isn't going to remove them from your reports either. Paying a collection just marks the account as 'paid collection', which is only marginally better than an unpaid collection.

Call the collection agencies and try to negotiate payments or a settlement. Depending on who you owe, some may even try to sue you to collect at some point.

[VeronicaLodge]

how was your assistantship robbed?

[epsix]

Was a PhD student.Advisor left to India without a warning.Then 1 semester I recieved half amount of scholarship from department**************......but last two semesters had nothing**************.....
and had to graduate with a Masters degree